Global Automated Fare Collection Market to Reach US$ 33.1 Billion by 2032, Spurred by Rising Need for Contactless Payment Solutions

July 28, 2021 | Automotive Industry

According to the latest report by IMARC Group, titled "Automated Fare Collection Market Report by Component (Hardware, Software and Services), System Type (Ticket Vending Machine (TVM), Ticket Office Machine (TOM), Fare Gates, IC Cards), Technology (Smart Card, Magnetic Stripe, Near Field Communication (NFC), and Others), Application (Railways and Transportation, Parking, Entertainment, and Others), and Region 2024-2032," the global automated fare collection market size reached US$ 12.1 Billion in 2023. An automatic fare collection (AFC)system refers to a contactless software-based ticketing system that is used for collecting fare payments while replacing conventional ticketing solutions with automated ticketing. It is commonly deployed at entry and exit points of public transport units that consist ofautomatic gate machines,recharging terminals, ticket checking machines and ticket vending machines. These machines are commonly compatible with a vast array of payment methods that provide enhanced convenience to the users. Their usage also facilitates improved transaction rate and excellent operational transparency while offering cost- and time-efficiency to the travelers.

Global Automated Fare Collection Market Trends:

The global market is majorly driven by rapid digitization and the widespread adoption of automation across the globe. With the busy and hectic lifestyles led by the working professionals, there has been a rising need for convenient and user-friendly modes of fare collection across public transport terminals. This has impelled the deployment of AFC systems at the entry and exit points of transport terminals in an attempt to minimize the wastage of time waiting in queues and ensure contactless and hassle-free payment solutions. Moreover, the continual developments in the existing public transport infrastructure and the widespread usage of smartphone applications for accessing travel route information and online booking of tickets are creating a positive outlook for the market. Furthermore, the increasing integration of advanced technologies with AFC systems is also acting as a major growth-inducing factor. For instance, the growing preference for open road tolling (ORT) and near-field communication (NFC) systems are increasingly being deployed at toll booths to facilitate free-flowing toll collection and minimize traffic congestion. Some of the other factors contributing to the market growth include the rising demand for fare collection systems with low fraud rates and the rapid expansion of smart cities on the global level. On account of the aforementioned factors, the market is expected to reach a value of US$ 33.1 Billion by 2032, registering a CAGR of 11.47% during 2024-2032.

Market Summary:

On the basis of the component, the market has been bifurcated into hardware, and software and services.
Based on the system type, the market has been divided into ticket vending machine (TVM), ticket office machine (TOM), fare gates and IC cards.
On the basis of the technology, the market has been classified into smart card, magnetic stripe, near field communication (NFC), and others.
Based on the application, the market has been segmented into railways and transportation, parking, entertainment, and others.
On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Advanced Card Systems Limited (HNA Technology Investments Holdings), Atos SE, Cubic Corporation, Indra Sistemas SA, Nippon Signal Co. Ltd., NXP Semiconductors N.V., Omron Corporation, Scheidt & Bachmann GmbH, Siemens AG, Sony Corporation, STMicroelectronics and Thales Group.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Component, System Type, Technology, Application, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Advanced Card Systems Limited (HNA Technology Investments Holdings), Atos SE, Cubic Corporation, Indra Sistemas SA, Nippon Signal Co. Ltd., NXP Semiconductors N.V., Omron Corporation, Scheidt & Bachmann GmbH, Siemens AG, Sony Corporation, STMicroelectronics and Thales Group
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Global Automated Fare Collection Market to Reach US$ 33.1 Billion by 2032, Spurred by Rising Need for Contactless Payment Solutions

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